LMEDIUM SIGNALFINANCIAL10-K

L significantly increased share buybacks by 32.6% to $806M while delivering strong 17.9% net income growth, though share count decreased by 6.8 million shares.

The company is aggressively returning capital to shareholders through buybacks while maintaining strong profitability growth, indicating robust cash generation and management confidence. However, the mention of new risks related to Boardwalk Pipeline Partners suggests some emerging operational complexities that warrant monitoring.

Comparing 2026-02-10 vs 2025-02-11View on EDGAR →
FINANCIAL ANALYSIS

L demonstrated strong financial performance with net income growing 17.9% to $1.7B, accompanied by a substantial 32.6% increase in share buybacks to $806M. The reduction in outstanding shares from 212.9M to 206.1M reflects the impact of these buybacks on shareholder value. Overall, the financial picture signals a cash-generative business with management committed to returning excess capital to shareholders while maintaining profit growth momentum.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+32.6%
$608.0M→$806.0M

Share repurchases increased 32.6% — management returning capital, signals confidence in intrinsic value.

Net Income
P&L
+17.9%
$1.4B→$1.7B

Net income grew 17.9% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-02-10
PRIOR — 2025-02-11
ADDED
As of February 6, 2026 , there were 206,052,874 shares of the registrant s common stock outstanding.
Risks Related to Us and Our Subsidiary, Boardwalk Pipeline Partners, LP ( Boardwalk Pipelines ) Extensive regulation by the Federal Energy Regulatory Commission ( FERC ) of Boardwalk Pipelines natural gas transportation and storage operations and ethane transportation services; Actual results from Boardwalk Pipelines construction and growth projects not meeting its forecasts; Changes in U.S.
CNA accounted for 81.2% , 81.5% and 83.6% of our consolidated total revenue for the years ended December 31, 2025, 2024 and 2023.
Specialty Specialty provides management and professional liability and other property and casualty coverages, products and services using a network of retail and wholesale brokers, independent agents and managing general underwriters.
Warranty and Alternative Risks : Warranty and Alternative Risks provides extended service contracts and related insurance products covering mechanical breakdown and similar losses for vehicles, portable electronics and other consumer goods.
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REMOVED
As of February 7, 2025, there were 212,861,300 shares of the registrant s common stock outstanding.
CNA accounted for 81.5% , 83.6% and 84.6% of our consolidated total revenue for the years ended December 31, 2024, 2023 and 2022.
Specialty Specialty provides management and professional liability and other coverages through property and casualty products and services using a network of brokers, independent agencies and managing general underwriters.
Warranty and Alternative Risks : Warranty and Alternative Risks provides extended service contracts and insurance products that provide protection from the financial burden associated with mechanical breakdown and other related losses, primarily for vehicles, portable electronic communication devices and other consumer goods.
Service contracts are generally distributed by commission-based independent representatives and sold by auto dealerships and retailers in North America to customers in conjunction with the purchase of a new or used vehicle or new consumer goods.
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